The label for (iv) has been moved since yesterday's update to better describe short term action; there was a move lower following the morning high that overlapped a few key waves Monday and Tuesday. The market needs to continue lower to preserve the short term count.
Wave (4) is now well-proportioned to wave (2). If prices continue beyond today's high (assuming the [c] impulse is complete), there is a good chance a second wave has been underway since earlier this month if a zigzag correction that began May 2011 did not already complete.
A downtrend that began May 2011 is expected to continue for an eventual test of the March 2009 666 level. The best alternate in the longer term is a double zigzag since March 2009 that is still underway.
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